American Bitcoin Corp.
For the period ended May 6, 2026. Filed May 6, 2026.
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May 6, 2026 · Filed May 6, 2026
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Contents
EX-99.1 · Mining Platform Performance
Mining Platform Performance
Mining revenue for Q1 2026 was ~$62.1 million, compared to ~$78.3 million in Q4 2025. The sequential decline was driven primarily by a lower average revenue per Bitcoin mined of ~$76,000 per Bitcoin in Q1 2026, compared to ~$100,000 in Q4 2025. Mining production increased to ~817 Bitcoin in Q1 2026 from ~783 Bitcoin in Q4 2025.
Gross margin held above 50% despite a ~22% decline in Bitcoin price quarter-over-quarter, reflecting meaningful improvements that partially offset the price headwind.
Cost to mine was ~$36,200 per Bitcoin in Q1 2026, a ~23% improvement from ~$46,900 per Bitcoin in Q4 2025, driven by higher production volume spread across a stable fixed cost base and continued energy pricing discipline.
Completed the acquisition of ~11,298 next-generation miners from Bitmain in early March 2026, adding ~3.05 EH/s at an efficiency of ~13.5 joules per terahash (J/TH), deployed at Hut 8’s Drumheller site. First containers at Drumheller were energized on March 31, 2026, and the remaining miners were fully energized by April 22, 2026.
Total owned fleet of ~89,242 Bitcoin miners with ~28.1 EH/s of capacity as of quarter-end, up from ~78,000 owned Bitcoin miners and ~25.0 EH/s as of December 31, 2025. Post-Drumheller energization, our operational fleet increased to ~58,999 Bitcoin miners producing ~25.0 EH/s at an average efficiency of ~14.1 J/TH 3.
Includes ~3,090 Bitcoin held in custody or pledged for miner purchases under agreements with BITMAIN.
Represents the amount of Bitcoin attributable to each outstanding share of the Company’s common stock. SPS is calculated by multiplying the Company’s total Bitcoin holdings by the Satoshi conversion ratio (1 Bitcoin equals 100,000,000 Satoshis), then dividing that total by the number of shares of the Company’s common stock outstanding as of the measurement date.
Of the total owned hashrate, ~25.0 EH/s was operational as of the date of this release, following the completion of the energization of Drumheller on April 22, 2026.
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